Top 3 trends that will drive powder coatings market over 2020-2025
Pune, Maharashtra, India, September 3 2020 (Wiredrelease) Global Market Insights Research Pvt. Ltd –: The powder coatings market is driven by widespread metal coating applications across several industry verticals. The product exhibits several environment-friendly benefits pertaining to solvent free chemical base which leads to minimal VOC emissions as compared to liquid paints. Moreover, it is cost effective and produces high quality finishes over metal surfaces, fueling product demand.
The advantages of high corrosion resistance for lower price, superior gloss retention and easy applicability over conventional paints will propel powder coatings market growth over the forecast timeframe. According to a new research report by Global Market Insights, Inc., Powder Coatings Market size is projected to hit USD 17 billion by the end of 2025. Some of the trends that will be responsible for the growth of this market are stated underneath.
Increasing home appliances demand
Majority of home appliances are large machines consisting of metal structure making them extremely vulnerable to corrosion from moisture, chemicals and water. For instance, the appliances such as washing machines, dish washers and refrigerators are constantly exposed to water, requiring safeguarding of the metal body. Powder coatings find strong application in manufacturing home appliances such as vacuum cleaners, microwave ovens, refrigerators, dishwashers, water heater, etc.
Home appliances play an important role in the households as they add convenience and comfortability to one’s life. Rising spending power coupled with enhanced standard of living has changed the lifestyle needs, driving the home appliances demand. Home appliances accomplish several days to day tasks like cooking, cleaning, washing, purifying, food preservation etc. Apart from easing off the tasks they also enrich the aesthetics of home décor.
Powder coats add a durable finish to the appliances and allows them sustaining the damages from the everyday use. When applied, the product forms a uniform thick coat over the metal surface so that it can be painted with dynamic colors to achieve desired paint gloss and superior exteriors.
Nowadays, the color of the appliance has become a highly influencing factor for consumers, pertaining to their purchasing decisions. As a result, appliance manufacturers have started focusing on improving the product exteriors by launching several options with stylish colors, finishes, and texture combinations.
The latest technologies and innovations to produce more user-friendly home appliances for making everyday tasks as easy as possible, will drive the home appliance demand, subsequently augmenting powder coatings market share over the forecast timeframe.
Stringent government regulations to minimize VOC emissions
Volatile organic compounds (VOCs) are mostly emitted from solvent based coatings, paints and other chemicals used across several industries. Rapid urbanization trends have been encouraging the implementation of these solvent based products including paints, varnish, cleaning solutions which has escalated the VOCs levels above the threshold limit.
As per studies the concentrations of many VOCs recorded indoors are up to ten times higher than those of the outdoors. Long term exposure to VOCs can lead to adverse effects on health, requiring curbing the residential VOCs emissions. As powder coatings release small amounts of VOCs, Stringent government regulation to control VOCs emission is likely to fuel the product adoption, thereby accelerating powder coatings market outlook over the forecast period.
Numerous functional & technological benefits over liquid coatings
Powder coatings provide several benefits over conventional liquid coatings, especially the high durability and easy applicability will continue supporting product adoption across various industries throughout the forecast period. Powder coats are capable of producing much thicker layer of coatings as compared to the solvent based counterparts which sustain the issues with sagging or running of liquid coats, impacting the paint finish.
Moreover, faster curing time and the ability to produce wide range of specialty effects will further augment the application scope. The product is indispensably used across the automotive industry to coat vehicle chassis and body components to protect them from corrosion. Increasing automobiles sales accompanied by rapid urbanization will stimulate powder coatings market trends over the forecast timeframe.
Top Key Players:
Major key players in the market are AkzoNobel N.V., Asian Paints, BASF, Kansai Paints, Axalta Coating System, PPG Industries, RPM International, The Valspar Corporation, The Sherwin-Williams Company, Dulux Powder & Industrial Coating, Dupont Coating & Colour Technologies Group, Jotun Powder Coatings, Somar Corporation, Marpol, Protech Oxyplast Powder Coating, Nippon Paint Co., Ltd., Cloverdale Paint, Inc., Vogel Paint, Inc., Hentzen Coating, Inc., and Evonik Industries.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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